Business Model Canvas is a wonderful tool to describe and develop new business models. In the first 10 minutes of this video, Owlett explains how they came up with the idea for their profitable baby monitor. They walk you through the various steps of business model generation, from getting the initial idea, establishing hypothesises, invalidating hypothesises, developing new refined business models to the act of repeating the process all over agian, until they ultimately came up with a great value proposition.
The video gives you insight into the process of developing successful business models.
What is it, why is it important, and how should you use it?